Major Flaw With Bitcoin??

[Herbert]

Guys, please stay on topic! We're talking about SERIOUS FLAWS here!

[b!z]

Quarter mil, that's gotta sting a little. Is there anyone that's been using Bitcoin for more than a year that hasn't been fucked out of a bunch of money?

I lost a few hundred at the time when My Bitcoin was hacked... I wonder how much that money would be worth today.

[Raoul Duke]

Dude, if you owed me north of 100 thousand euros and you talked about me like you talk about Phinn I swear I would find you and leave you toothless.

Now I am shivering with fear. Let's call the moderator. Wait: psy(cho) IS the "global" moderator..

For an animal with no wings you sure fly high as fuck... Be careful with the sun, Ica... Pierre.

[Phinnaeus Gage]

Two wallets, one of which contained exactly 1,000 BTC and the other was either 132.xxx BTC or 123.xxx BTC (honestly didn't remember which, but submitted the 123.xxx amount, of which I don't remember what the .xxx(xxxxx) was, thus rounded it down to 123 BTC), I didn't have have the wallet addresses, but the form at the time was designed to submit as much info as possible. The third wallet had .84(x) BTC (if I recall correctly) of which I did have the Bitcoin address, but that one supposedly had two other claims on it for some reason, thus assuming that's why it would take that one longer to process. The other two I assumed would take longer because they were both over the 50 BTC threshold, also assuming that they would be processed after IW is finished processing all the lesser claims.

First time this factual, usable information is brought to my attention (in a VERY large pile of ranting posts).

Re: Instawallet claim process
September 12, 2013, 05:36:41 PM
Please provide claim number, status and amount in your PM (or simpler, the wqllet key that contains all three information).

Re: Instawallet claim process
August 31, 2013, 08:54:11 AM
If your claim was not paid there must be a reason and your claim status tells you about it:
- multiple claims for the same wallet with different payout addresses
- large amount balance that requires identification before payout.
etc
Think about helping us determine that you are the rightful owner and provide at least your claim number, balance and claim status.

Re: Instawallet claim process
August 23, 2013, 02:53:16 PM
@BCB
What is your claim number and status ? (please PM me or Arsy).

Now I realize that we have a communication problem, Gage. I am not at trained psychiatrist prepared to deal with serious cases of paranoïa. When I started the IW topic I naively expected you to read my post. Instead it was just an opportunity for you to project your preconceived opinion about me and my colleagues: rest assured, I am not tyring to convince you otherwise nor to shut you up. Simply provide me via PM with the information that I need to sort out your (big) case.
The only PM I received from you so far is dated december 29, 2012, totally unrelated to IW.

As I've mentioned before, I have no idea what a wqllet key is. Taxing my memory, with InstaWallet all that was needed was a URL of which contained a Bitcoin address in your control, thus no need for any key. Besides, once funds were placed in a wallet at IW, the balance always showed zero, with funds navigating to some other wallet that was in IW's control, and no key in the world allow one to extract funds out.

The following is the first time I posted on the main claim thread:

I see this is going to be fun!

First off, I haven't a clue as to what the word 'key' is in reference to. I'm only aware of URL and Bitcoin address, of which I know for sure one of them, for the other two addresses weren't save, just the URL's via Chrome, and once clicked, I would then see my address. Of those two, I know the exact amount, but the other would only be a guess for, though I'm pretty sure I know the exact first three whole numbers before the decimal then ? digits. The account that I do know the URL and pretty sure I have the address, I don't know the exact coin amount. The other two I washed a couple times, but nixed doing to more after finding out the address were already obfuscated by IW during each exchange. A couple weeks ago, I couldn't even see who sent me coins and where I sent them via BlockChain, of which I thought was weird, but accepted it as being part of the process.

Now I read that it will be 90 days before we get our funds back, and that's if there's no other claims, and that's if it's not extended other 90 days. For that, I say thank you, and can I meet you guys in person so that I can suck all your dicks? Seriously, I want to suck your dicks. Please let me know where to meet you all. I promise no funny business just like I was assured less than two weeks ago that all in well in InstaWalletLand.

An issue was brought up then of which I was looking into but quit pursuing and quit worrying about my coins after being assure all was well. Just like we're all being assured that all is well over at BFLland. BULLSHIT!!!

What the fuck is really going on here? Fuck, another entity holding a massive amount of coins can't even decide the proper outcome of a well-written bet, yet awards and lets run less well-written bets. Ads are being displayed on this forum for products that don't exist. Mt. Gox lags when it's to their best interest. Christian devs... (don't ask me why I opted to hold my tongue on this one, but I did).

The only saving grace is that my mother fuckin' nest egg was all profit. So is 95% of all the barn wood I currently have in stock. Where would you like me to deliver it too for free, or would you guys enjoy it more if you steal it from me? I can easily start from scratch with nothing, and not feel any pain. But that's not the point.

What I have to do to be at peace with this situation is to currently accept it as a lost, yet hope for the best. Anything I get back would be considered a blessing. One thing for sure, after 90 days, mark, if this is not resolved, everybody associated with IW will have their names associated with the words scam, fraud, etc., for starters.

In closing, since your address supposedly is available online, I want one of you guys to state your address here on this forum. Since it's supposed to be the same address, you should have no problem provided such a request. If you don't, then there's something you're definitely hiding.

You have 24 hours to fulfill my simple request.

~Bruno K~

The following is the first time you acknowledged my posts on the claims thread:

Unignore

I see how the game is played now: Hack your own sites, claim money was stolen, claim to fill out a police report, ignore all requests from those who entrusted you with their assets, then call them trolls for requesting a simple number to set them at ease.

You sir, are one sick mother fucker!

Couldn't agree more...

All ease aside, the one hint is the lack of a police report number (and possibly them being one sick motherfuckers).

Ignore

13 days later after people stated requesting a police report, Boussac was kind enough to post proof in the Frence Section:

A link to a scan of a police report filed by Paymium has been posted in this thread:

https://bitcointalk.org/index.php?topic=177317.0;all

by user naphto.

Looks real to me, but I don't see any comment or explanation from Boussac, which is pretty bad style IMO.

The following my Davout is what convinced me that all was well at IW:

I like IW, but something has changed recently and I can't put my finger on it.

[...]

~Bruno K~

PS: To be clear, the wallet address is 1JppeHVdYQEBGR4uHVTqLQsb2FY1wUTziH

Dear Bruno,

Instawallet has always worked like a shared wallet, nothing has ever changed in this respect.

The fact you used to see coins remain at the deposit address simply means that :
 - there used to be less coin turnover,
 - the cold storage was less used,
 - any combination of the previous reasons.

Some stuff does change though, you used to get your transaction ID back immediately when sending coins, that's not the case anymore, sends are now asynchronously handled by a background worker. That's much more secure in terms of potential race conditions, much more robust in terms of infrastructure, much more maintenable (since now I can simply stop the worker, do some work on bitcoind and switch it back on).

The traffic also increases a lot, to give you an idea, our average weekly turnover is around 10kBTC in, and 10kBTC out, it recently peaked at around 50kBTC/week.

Your wallet has exactly the amount you expect to be available, you can't rely on blockchain.info to tell you how much is available in an account on a shared wallet.

This is how your balance is calculated :



Hope it's clearer

That's a fine explanation I can live with. Thanks, bud.

~Bruno K~

Because of a slow connection, this post took me over an hour to pen. I need to get back on the Road to Atlanta, for Bing and Hope is waiting on me.

I'm unable to provide further information requested by Boussac because it's on my old laptop. I won't be back home till early next week.

[jackjack]

Is there anyone that's been using Bitcoin for more than a year that hasn't been fucked out of a bunch of money?

Seriously? Zero coins lost to theft/scam/fraud here.

This...
The actual question is this one:

Is there anyone that's been using internet for more than a year that has been fucked out of a bunch of money?

[QuestionAuthority]

Is there anyone that's been using Bitcoin for more than a year that hasn't been fucked out of a bunch of money?

Seriously? Zero coins lost to theft/scam/fraud here.

So you're the one. I heard there was one. Kind of like winning the lotto, huh. lol

I got caught by MyBitcoin, Bitcoinica and GLBSE. You're a lucky man.

[QuestionAuthority]

Is there anyone that's been using Bitcoin for more than a year that hasn't been fucked out of a bunch of money?

Seriously? Zero coins lost to theft/scam/fraud here.

This...
The actual question is this one:

Is there anyone that's been using internet for more than a year that has been fucked out of a bunch of money?

I've never been taken by an online business that I couldn't contest with Visa or chargeback. So, basically I've lost nothing online.

[QuestionAuthority]

Is there anyone that's been using Bitcoin for more than a year that hasn't been fucked out of a bunch of money?

Seriously? Zero coins lost to theft/scam/fraud here.

So you're the one. I heard there was one. Kind of like winning the lotto, huh. lol

I got caught by MyBitcoin, Bitcoinica and GLBSE. You're a lucky man.

Well... I dunno if it's luck or a healthy dose of paranoia. I've never trusted a Bitcoin website enough to send them any coins. I still don't. Any spending I've done was at established sites that have started taking Bitcoin as payment.

I don't even really trust the exchanges. I lost a few coins to Gox that they won't take responsibility for and it's not enough for me to worry about. I now believe only in face to face sales of Bitcoins for cash (LocalBitcoins is the way to go). Let MasterCard and Visa trust people. All I have to do is trust Visa and if their business partners fuck me they give it back.

[QuestionAuthority]

Is there anyone that's been using Bitcoin for more than a year that hasn't been fucked out of a bunch of money?

Seriously? Zero coins lost to theft/scam/fraud here.

So you're the one. I heard there was one. Kind of like winning the lotto, huh. lol

I got caught by MyBitcoin, Bitcoinica and GLBSE. You're a lucky man.

Well... I dunno if it's luck or a healthy dose of paranoia. I've never trusted a Bitcoin website enough to send them any coins. I still don't. Any spending I've done was at established sites that have started taking Bitcoin as payment.

I don't even really trust the exchanges. I lost a few coins to Gox that they won't take responsibility for and it's not enough for me to worry about. I now believe only in face to face sales of Bitcoins for cash (LocalBitcoins is the way to go). Let MasterCard and Visa trust people. All I have to do is trust Visa and if their business partners fuck me they give it back.

I don't trust VISA to keep my transaction information private.

There's downsides to everything. I don't buy anything online unless I don't care if the world knows about. I guess that depends what you buy online.

[QuestionAuthority]

I've always liked you Holliday. rofl

[gollum]

The major flaws of bitcoin:
-block chain grows exponentially
-mining becomes very centralized thanks to ASIC
-bitcoin transaction are NOT anonymous

I hope upgrades in the bitcoin protocol will solve the above problems
-making the blockchain delete old transactions and save the net amount
-change the mining algorithm so all ASIC hardware becomes obsolete
-using ZeroCoin as default to make transactions anonymous

[Birdy]

The major flaws of bitcoin:
-block chain grows exponentially

No, it doesn't, at least as long as there is a hard limit block size, it will grow linear.

-mining becomes very centralized thanks to ASIC
-bitcoin transaction are NOT anonymous

Those are attributes, but not flaws. They have advantages and disadvantages.

I hope upgrades in the bitcoin protocol will solve the above problems
-making the blockchain delete old transactions and save the net amount

yes a lighter block chain would be good

-change the mining algorithm so all ASIC hardware becomes obsolete

No way! This would be crazy and damage Bitcoin a lot.
Also there would be new Asics, because Asic is nothing more than a hard specialised on doing certain stuff.
Really really stupid idea.

[DiamondCardz]

-mining becomes very centralized thanks to ASIC

Are you an idiot? No-one said that mining became centralized when expensive GPU's were used, but they say that it is now. No, it isn;t. As ASICs improve, they'll become cheaper and faster, meaning anyone will be able to mine. More mining hardware actually = less centralization.

[davout]

Dude, if you owed me north of 100 thousand euros and you talked about me like you talk about Phinn I swear I would find you and leave you toothless.

If we got a satoshi for every internet tough guy ... *sigh*

[kuusj98]

There ain't a downside to Bitcoin, it is a very cool currency which makes good use of otherwise rubbish hardware to make em

[greyhawk]

Is there anyone that's been using Bitcoin for more than a year that hasn't been fucked out of a bunch of money?

Seriously? Zero coins lost to theft/scam/fraud here.

This...
The actual question is this one:

Is there anyone that's been using internet for more than a year that has been fucked out of a bunch of money?

20 years. Cumulated losses: Zip.

Dude, if you owed me north of 100 thousand euros and you talked about me like you talk about Phinn I swear I would find you and leave you toothless.

If we got a satoshi for every internet tough guy ... *sigh*

You'd have about a quarter million of Phinns bucks?

[crumbs]

-mining becomes very centralized thanks to ASIC

Are you an idiot? No-one said that mining became centralized when expensive GPU's were used, but they say that it is now. No, it isn;t. As ASICs improve, they'll become cheaper and faster, meaning anyone will be able to mine. More mining hardware actually = less centralization.

No.  He's not an idiot.

Graphic cards are common consumer gear.  About every household has one, and anybody could start mining without dropping a dime -- that's decentralization.

Once both mining farms and small timers shared the same type of gear -- graphic cards from mainstream sources.
At best, buying in quantity translated to 50% discount.
This changed with ASICs.  Manufacturers get their own chips at a tiny fraction of what they charge you.  What was once just an edge is now a *humungous, insurmountable edge*.

To make matters worse, you fund the chip development with your preorder money, *a year* in advance (BFL), guessing the mining difficulty, and having to mine at a loss to amortise a fraction of the cost.

Well done.

If you don't think centralization is happening, look at how nicely GHASH.IO is ramping up.  240TH/sec.  That's Terahash.  Tera.  It's a *private* pool.

So let's hold off on the insults, pl0x.

[fattypig]

The major flaws of bitcoin:
-block chain grows exponentially

Not really cause there is a hard cap of 21 million bitcoin.

-mining becomes very centralized thanks to ASIC

Agree, very jealous of people that know how to make FPGA and ASIC back then.

[fattypig]

There ain't a downside to Bitcoin, it is a very cool currency which makes good use of otherwise rubbish hardware to make em

There is, if all the government decided to ban bitcoin like in Thailand. Then DOOOM!!

[Birdy]

The major flaws of bitcoin:
-block chain grows exponentially

Not really cause there is a hard cap of 21 million bitcoin.

This is false, the hard cap of the number of Bitcoins has nothing to do with the number of transactions.
You can send 1 Bitcoin a thousand times if you want.
The hard cap on block size is limiting the blockchain growth.

There ain't a downside to Bitcoin, it is a very cool currency which makes good use of otherwise rubbish hardware to make em

There is, if all the government decided to ban bitcoin like in Thailand. Then DOOOM!!

Bitcoin isn't banned in Thailand. This is a false news that spread all over the internet.